Cryptocurrency Point-of-Sale Payments Now Available in Brazil

Hey ninjas, how’s the trading going? The largest and most popular cryptocurrency Bitcoin is reporting moderate gains on the day. At press time BTC is trading at $9,565 and is up 1.15% in the last 24 hours.

Banco inter (Brazillian commercial Bank) announced that it would be launching a new crypto payment system that does not require a point-of-sale device. The service would reportedly make use of a mobile app and would require a user to be a holder of a Banco Inter account.  

The largest payment provider in Brazil Cielo has revealed that payments in Bitcoin (BTC) and other cryptocurrency is now supported by its point-of-sale (POS) devices.

A customer seeking to make use of Cielo POS for crypto payments would need to open account with either Uzzo or Criptohub (Cielo partners) in order to complete a transaction. The process involves the creation of a QR code by the POS, the code is then scanned by the customer using a mobile phone.

The president of Cielo also remarked that its partner banks including Bradesco are in support of the new POS system.

According Cielo company data, the firm currently operates 1.4 million POS devices which are distributed across 5,500 municipalities in the country.

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According to a report, Cielo may begin supporting a new payment system that doesn’t require the use of a POS system, in this system the QR code would be generated by Cielo mobile app, not a POS device.   

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